1. Technical Field
The present invention relates generally to a system and method for verifying, guaranteeing and printing checks at a remote location, preferably an electronic retailer's facilities, via a network, preferably the Internet or the ACH network.
2. Background Art
Numerous consumers have checking accounts with no credit cards. These consumers may prefer the security of receiving a canceled check draft for record purposes and for the purpose of disputing unauthorized drafts. These consumers may be precluded from making purchases from electronic retailers. Even among those that do pursue check purchases from electronic retailers, these consumers may not promptly receive their purchases.
The prior art comprises several devices and methods for processing checks. For example, U.S. Pat. No. 5,484,988 to Hills, et al, describes a check-writing point of sale system. However, this system is a merchant driven system used to process a transaction at the point of sale, namely a store. The system is used on a public switched telephone network and may not provide sufficient security for use over the Internet. Moreover, the system does not produce a paper check draft.
A system is required which is easy to use, provides security to both the electronic customer and retailer, and that maintains the use of a paper check draft.